Question
The $36.0 million lottery payment that you have just won actually pays $2.4 million per year for 15 years. The interest rate is 9%. a.
The $36.0 million lottery payment that you have just won actually pays $2.4 million per year for 15 years. The interest rate is 9%.
a.If the first payment comes in 1 year, what is the present value of the winnings?(Do not round intermediate calculations. Enter your answer in dollars, not millions, rounded to 2 decimal places.)
b.What is the present value if the first payment comes immediately?(Do not round intermediate calculations. Enter your answer in dollars, not millions, rounded to 2 decimal places.)
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Multinational Financial Management
Authors: Alan C Shapiro, Paul Hanouna
11th Edition
1119559901, 9781119559900
